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As soon as the announcement was made, BNB increased immediately. In today’s article, CHK will provide basic information that CHK thinks is essential to you about BAND.
What is Band Protocol?
Band Protocol is a protocol for decentralized data governance that allows developers, companies, brands, and celebrities to issue personalized public tokens. These tokens are used to manage the data in their particular community. Band Protocol provides a standard and open source framework for decentralized data management in Web 3.0 technology arsenal
- The main function of Band Protocol is to bridge the gap between decentralized applications and data in the real world while ensuring accurate and reliable data through economic incentives. The protocol was originally built on top of Ethereum but due to the limitations with this platform, it is more widely adopted, supporting all leading smart contract platforms.
- It is estimated that more than 1.2 million terabytes of data are stored on the web, and the majority of these currently have no unreliable structure. Therefore, Band Protocol was born to solve problems that make it difficult for existing data infrastructure and decentralized technologies. Generally speaking. This protocol creates a very secure and trustworthy, community-based data management ecosystem.
The mechanism of action of Band Protocol
The basic unit in operation of Band Protocol is the Dataset Governance Groups. There are multiple Data groups in the Band Protocol, each group will own its own Dataset token. Holders of these tokens will be able to participate in the community governance mechanism. Also receive rewards for their contributions
There are 2 types of tokens in the Band Protocol: Dataset and BAND token (the working mechanism of two tokens).
- Dataset token: built in compliance with ERC-20 by governance group. When you own a Dataset, you can participate in community activities. Here are 2 ways to get Dataset tokens:
- Become Data Providers who is responsible for the quality of data sent to smart contracts
- Join the community to vote the Data Provider: at this point, both Providers and voter or staker receive a BAND reward.
- BAND Token (collateral token): BAND token must be used to buy Dataset token if you want to own it
BAND cryptocurrency basics on Binance Launchpad
BAND is a cryptocurrency that is built on the Ethereum platform according to the ERC-20 standard
- Token code: BAND
- Blockchain: Ethereum
- Smart Contract: Yes
- Launchpad Hardcap: 5,850,000 BAND
- Total supply: 100,000,000 BAND
- Allocation on Binance Launchpad: 12,368,200 BAND (12.37% of total supply)
- Token format: lottery and airdrop
- Total number of lottery tickets: 19,500
- Allocation per ticket: 300 USD ≈ 634.25 BAND
- Total tokens in Airdrop Pool: 631,800 BAND
- Public BAND rate: 1 BAND = $ 0.473
Band Protocol token distribution
Band Protocol token sale
|Token Sale Allocation||Price||%||Amount of BAND||Raised|
|Seed Sale||0.3 USD||ten%||10,000,000||3,000,000 USD|
|Private Sale||0.4 USD||5%||5,000,000||2,000,000 USD|
|Launchpad||0.47 USD||12.37%||12,370,000||5,850,000 USD|
The role of Band Protocol
- Store the value of all Dataset tokens: as mentioned, you must use BAND or mortgage BAND to own the Dataset. When demand for that ownership increases, it is also time to buy BAND. Therefore, the value of Dataset and BAND also increased. Since then, it becomes difficult to access Dataset Tokens and increase security for all Data Governance Groups.
- Join future governance mechanism: participation voting the system upgrades in the future
- Make payment to the Data Governance Group and guarantee the value of the token
BAND token transaction fees
- Deposit and withdrawal fee
- Transaction fee
- Tx fee on the Ethereum blockchain network
How do I own and search for BAND?
- You can wait until you sell the ICO / IEO on September 16, 2019 to buy BAND
- Become the Quality Manager within TCR (Token Curated Registry) to get the BAND rewards
Note: BAND cannot be mined with a miner like with BTC or ETH
Where should BAND be stored safe?
- Stored on wallets supporting the ERC-20 standard:
- Hardware wallets: Trezor, Ledger, …
- Soft wallet: MEW, Metamask,….
- Wallet on exchanges
- Store on BAND’s own wallet, Band Wallet
Currently, this electronic currency has not been traded on any exchanges
Should invest in BAND or not?
Currently, because this token has not been listed on exchanges, investors are still unable to verify the full potential of this token.
Currently this project is in the Testnet Kovan stage, so there are 4 Dapps running on this Testnet
The news is quite small as the BAND has yet to be traded and is expected to launch in the next few days. CHK will then update more information about this token to readers.
Although not officially listed on exchanges, Band Protocol has risen a wave for the crypto community. Hopefully BAND will not disappoint investors. CHK will try to update more information about this cryptocurrency as soon as it is launched. If you have any questions or comments on the above articles, please leave a comment, CHK will respond to you as soon as possible. Thank you for your continued interest and support for CHK’s writing!
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